Arabtec wins $115m contract to build 916 villas in Dubai

WCN Editorial Team 8 Mar 2018 MIDDLE EAST BUSINESS

UAE-based construction firm Arabtec Holding has won a contract worth AED424m ($115m) from DAMAC Properties to construct 916 villas in AKOYA Oxygen Master Development in Dubai, UAE.

Under the contract, Arabtec will build 329 units in Mimosa, 419 units in Basswood and 168 units in Amazonia extension located in Phase 6 of the AKOYA Oxygen development.

In total, the three phases comprise a built-up area of about 148,000m2. Work on the project will commence in March 2018 and will take 22 months to complete.

EFECO (Emirates Falcon Electromechanical Co.), a subsidiary of Arabtec, will provide mechanical, electrical, and plumbing works for the project.

The latest order represents Arabtec’s second contract in the last 12 months. In August 2017, Arabtec was awarded AED628m ($170m) contract to build 1,296 villas at the same master development.

In October 2017, DAMAC awarded additional contracts worth AED350m ($95m) for the construction of roads and main works.

AKOYA Oxygen development, which is located off the Umm Suqeim Road extension, will feature contemporary residential units surrounding an 18-hole championship golf course, in addition to an organic produce market, a hydroponic café, a luxury wellness centre, an outdoor yoga enclave and retail stores.

DAMAC Properties senior vice president of commercial Mohammed Tahaineh said: “DAMAC continues to accelerate construction at AKOYA Oxygen and has awarded a second contract to Arabtec, to continue villa development at our 55-million square-foot green development in Dubailand.

“Major construction work is ongoing in almost every part of the master development and you can now see a micro-city forming within the community, as roads and villa clusters continue to fill the area.”

Arabtec Group CEO Hamish Tyrwhitt said: “We are delighted to have been awarded another project by DAMAC Properties. The on-boarding of repeat business from our clients is testament to our strengthened relationships across our core geographies and in our core competencies.”

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